1.1Foreign Exchange and Contracts for Difference with EXO CAPITAL CO., LTDWALLSTREND HOLDING GROUP CO., LTD(hereafter referred as “WFD”) are both margin traded products. Therefore they inherently carry a high level of risk compared to other investments, and as such you could rapidly lose more than your initial deposit. They are all legally enforceable under the Financial Services and Markets Act 2000.

1.2Margined trades are trades on the price movement of a product. They settle based on the difference between the opening price and the closing price of the trade.

保证金交易是通过商品的价格波动进行交易，利用交易的开市价和收市价之间的额度差额进行结算。

1.3You should not trade any margined product unless you fully understand all the risks involved with doing so and that you have sufficient resources available to you that in the event, however unlikely you may deem it to be, that there is an adverse movement in the price of that product that you can meet the financial obligations required by you with respect to margin payments and losses.

1.4Margin trading is leveraged trading that allows“gearing” which means that you can place a large trade by only putting up a small amount of money as margin. If the price moves in your favour you can greatly increase your profits. However even a small movement in price against you can lead to substantial losses and you may be required to deposit additional margin with us immediately to keep these trades open. You are liable for this and for any losses that may occur if your positions are closed. The potential losses, or profits, for margin traded products are, or could be, unlimited and this should always be considered by you when making trading decisions.

1.5Not all trades can be opened or closed 24 hours a day. Many are subject to strict opening and closing times which can fluctuate. These are posted on our Market Information Sheets (MIS) which are available online and which we endeavour to keep up to date, without any obligation or liability on us to do so, or for its accuracy. For example national holidays and Daylight savings changes will affect the times when you can trade. Also a market may be suspended for a variety of reasons and during this time you will not usually be able to trade.

1.6You are placing trades on the prices we provided..Depending on the market, our prices will usually be based on an exchange price but can fluctuate away from the underlying prices due to a variety of reasons. All open trades can only be closed and settled with us.

1.7WFD will hold unutilised retail customer funds in a segregated bank account. We reserve the right to utilise some or all of those funds up to the level that the client is using to fund open positions. However even in a segregated account you may not be afforded complete protection. All individual client funds are subject to the rules of the Vanuatu Financial Services Commission (VFSC).

2.2These Client Agreement cover both Foreign Exchange (FX) and Contracts for Difference (CFD). You agree to be bound by those areas of this agreement that are pertinent to the types of accounts held by you, and the types of trades executed with ourselves.

此客户协议包括外汇 (FX) 与差价合约 (CFD)。您同意遵守此协议的内容是适用于您与我们持有的账户类型和交易。

2.3These Client Agreement set out the agreement between us and the client or customer (“you”, “yours”) and should be read carefully together with any amendments and addendums.

以下这些的客户条款，将作为我们与客户或者消费者（下称“您”或“你们”）的协议，请连同修正部分及附件认真阅读。

2.4These Client Agreement do not in any way affect your statutory rights and do not restrict the liability owed by us to you under the Financial Services and Markets Act 2000 or any other regulations imposed on us by the VFSC.

2.5If any part of this agreement is deemed to be invalid or unenforceable then the rest of this agreement will still be enforceable.

如果此协议的任何部份条款被视为无效或不能强制执行，此协议余下的条款仍然有效。

2.6 These Client Agreement will be deemed to be the most recent and applicable and will come into effect when we open an account or accounts for you, or when we notify you of these new Client Agreement taking effect from a previous version.

当在我们为您开立账户或多个账户时，此客户协议会即刻生效并被视为最新的和最适用的版本，或者我们根据之前的版本通知您最新生效的客户协议。

2.7They will apply to all new and existing trades taken out, and where possible we will give you at least 10 working days” notice of any major changes taking effect. This may be in writing, email, notification on the website or through any other means deemed appropriate by WFD.

2.8This may not include margin requirements or spreads which can change rapidly due to market developments. Also certain markets may become suspended or we may cease trading some markets for which we will not be held accountable or liable.

2.9The words“trading” and“trade” are used interchangeably in these Client Agreement .

在此客户协议中用的词汇“交易中”、“交易”，可以全部相互交换。

2.10Upon your acceptance of these Client Agreement and our acceptance of you as a client you warrant to WFD that every trade you transact with us you do so directly with us in accordance with these Client Agreement .

按照客户协议，在您接受此客户协议前和我们接受您成为客户，您保证您与WFD的每个交易都是您直接进行的。

2.11As a client of WFD you also undertake only to trade or if:

作为WFD的客户，您需要保证：

2.11.1You are not contravening any legislation in the country from where you are at the time.

在当时您没有违反国家的任何法律。

2.11.2You are over the age of 18 years old.

年龄已满18岁或以上。

2.11.3You are not bankrupt or going through bankruptcy proceedings or subject to any legal regulations that may prevent you from adhering to these Client Agreement .

您不是破产或进入破产法律程序或受到任何可能对您要进行的交易产生阻碍的法律的影响。

2.11.4Your personal details held with us are up to date

保证提供给我们您最新的个人联系信息。

2.11.5Where you are employed by a regulated firm you have sought permission from your compliance officer and you authorise us to provide your compliance department with copies of your personal account dealings. If you do trade while contravening one of the above then you will still be held accountable and liable for all trades and their corresponding profits or losses.

3.1While Foreign Exchange is traded globally, CFDs are not. Certain countries do not allow their use and it is the responsibility of the individual to make sure that they comply with any local laws that are applicable to them, both in terms of actually holding an account and the relevant applicable tax laws.

3.2Any prices or quotes that we may show in advertisements, promotions, on television or on our website are purely for indication only. Only prices on our Internet Trading Platform are available to trade on, subject to the other terms of this document.

3.3You accept that wherever possible we will communicate with you via electronic means such as email. In addition to this, if you are legally required to accept anything where normally a signature would be required .

您接受我们通过电子邮件等可能联系到您的电子方式与您沟通。除此之外，如果你需要接受任何具有法律效应的事项，一般是需要签名的。

3.4You will at all times take reasonable measures to ensure that you pass no computer viruses or such like onto our system network.

在任何时段您都必须采用合理的措施确保您没有计算机病毒或相类似的软件传递到我们的系统网络中。

3.5We have the right to assign the legal benefit and responsibilities of this agreement, at our absolute discretion, having given prior notice to you of at least 15 working days.

我们有权在此协议中分配责任和义务。在我们绝对酌情权下，在最快15个工作日内提前向您通知。

4. Definition 定义

4.1WFD = EXO CAPITAL CO., LTDWALLSTREND HOLDING GROUP CO., LTD

WFD =EXO CAPITAL CO., LTDWALLSTREND HOLDING GROUP CO., LTD

4.2SL = Stop Loss.

SL：止损

4.3Bid = The price which you can sell at.

售价：卖价，您可以卖出的价格

4.4Offer = The price which you can buy at.

要价：买价，您可以买入的价格

4.5TP = Take Profit.

TP：获利

4.6Limit Order = An order to buy below the current price or to sell above the current price.

限价订单：买入比现时价格更低或者卖出比现时价格更高的一个订单

4.7FX = Foreign Exchange.

FX：外汇

4.8ITP = Internet Trading Platform.

ITP：在线交易平台

4.9CFD = Contract for Difference.

CFD：差价合约

4.10NTR = Notional Trading Requirement.

NTR：名义交易要求

4.11VFSC=Vanuatu Financial Services Commission

VFSC：瓦努阿图金融服务委员会

4.12MIS = Market Information Sheets.

MIS：市场信息表

4.13P+L = Profit and/or loss.

P+L：盈利和/或损失

4.14Tic / Pip / Point = The minimum increment movement of the price which you are trading on which are shown onthe MIS.

Tic/Pip/Point：点，您交易市场信息表上商品的最小价格波动

4.15Spread = The difference between the bid and offer.

点差：买价和卖价的差额

4.16Slippage = The difference between an order level and the execution level.

滑点：订单水准和执行水准的差额

4.17Gapping = When the price of a market jumps.

跳空：市场价格跳动出现的缺口

4.18Margin Call = When you are running low of funds in your account and are requested for more funds to stop your position from being closed out. (Where your cash balance does not cover your notional trading requirement and open position profit and loss).

4.19Grey Market = A market that is still tradable with us although the underlying or actual market may be closed.

灰色市场：是一个我们仍然可以交易的市场，虽然基本或实际市场已经休市

4.20Business Day = Working day, not including weekends and some public holidays.

营业日：除周末和部分公共假期之外的工作日

4.21Long = Placing a trade where you profit from the relevant market from going up. Also known as“buying“or“buy”.

多头：从上升市场中获利而开出的交易，也称为“买入中”或“买入”

4.22Short = Placing a trade where you profit from the relevant market from going down. Also known as“selling“or“sell”.

空头：从下跌市场中获利而开出的交易，也称为“售出中”或“卖出”

5. Law and Jurisdiction 法律和司法权

5.1These Client Agreement apply to all trades or orders of any type carried out with us, and are governed by the laws of Vanuatu.

此客户协议应用于我们实现的所有类型的交易、订单并受瓦努阿图法律管理。

5.2In the event of a default by you, WFD and all of its subsidiaries, reserves the right to bring proceedings against you in any other court in any other jurisdiction permitted by law if it is deemed appropriate by us to do so regardless of where you were domiciled when the account was opened, or when the trade was executed.

5.3You will be classified as a Retail Customer, unless you have agreed with WFD in writing to the contrary.

您将会被分类为零售客户，除非您与WFD另有书面协定。

5.4You may request at any time, or we may at our discretion request you, to be reclassified as a Professional Client or Eligible Counterparty.

您可以在任何时段申请，或我们可以根据我们的情况酌情要求您重新分类成为专业客户或符合资格的交易对手。

5.5You are, or have recently been, employed in a job that requires knowledge of the markets you will be trading.

您必须自身已具备或者在近期经过培训获得从事市场交易的专业知识。

5.6In the event of your death, and upon receipt of proof, we will close all your open trades immediately, or as soon as practically possible. Your estate will then be the beneficiary from any funds held or liable for any losses or sums owed.

如果您死亡，并在收到证明之前，我们将会马上或在尽可能的情况下尽快关闭所有您的持仓。您的继承人将承担您的账户资金包括亏损及欠款。

5.7You will be liable for and fully indemnify WFD for all costs, damages and other legal expenses that we may incur as a result of you breaching these Client Agreement , or any other negligent act by you.

你必须履行义务和全面赔偿所有可能因为您违反客户协议或任何由您忽略的其他条例所引起的费用、亏损和其他法定支出给 WFD。

5.8If these Client Agreement have been translated into any other language, then it is these original Client Agreement ,written in English, which are deemed to be legally binding.

如果此客户协议翻译成任何其他语言，且基于此条款的英文原文文字，则视为同样具有法律效力。

6. Demo Accounts 模拟账户

6.1Entry to the demonstration (demo) platform will be disabled after 30 days.

模拟账户只有 30 天的有效使用期。

6.2With the WFD demo or virtual account, you are not trading with real money. Any money you make or lose is fictitious and cannot be transferred to a real account, cashed in or redeemed in any way. The demo account is purely for practice and for demonstration purposes only, and contains a small selection of the markets that we offer.

6.3Profits or losses incurred while trading in a demo environment do not necessarily reflect what you may achieve when trading in a live environment. FX and CFDs are volatile instruments and it is possible to rapidly make or lose more than your initial deposit.

7.1WFD may refuse your application to open an account for any reason and is under no obligation to provide any reasons for doing so.

WFD可以因任何理由拒绝您开立账户的申请，并无义务提供拒绝的理由。

7.2WFD may at its discretion disclose your personal information to a credit reference

account.

当您申请账户时，WFD持有利用信用调查公司验证您资料真实性的酌情权。

7.3You have one agreement between WFD and you which covers all accounts you may hold with us even if they are in different asset classes (ie FX or CFDs). This agreement covers all trades, open or closed, orders and any other transactions.

7.4In the event that we exercise our rights under this agreement to close all, or some, of your positions and cancel any pending orders and /or to close your account(s) we have the absolute right to consolidate the cash balances held in any of the accounts you hold with WFD or any of its affiliates.

7.5We may also, at our discretion, net off your positive account cash balances against negative account cash balances,and your profits from any open trades in an account against losses on open positions in another account. We may also offset any funds against any other liabilities owed by you including, but not limited to, legal costs and interest.

7.6In the event that monies held are in different currencies we will convert these to one universal currency at the prevailing market rate, leaving one amount either payable by us to you or by you to us.

如果发生以不同货币结算的款项，我们将会以当前的市场汇率将它们兑换成一种通用货币，得出一个由我们向您支付或由您支付给我们的具体金额。

7.7You accept these Client Agreement , and any amendments or additions, for all accounts that you hold with us, or our associates, whether they are main accounts or sub accounts and no matter what areas of business they cover.

接受此客户协议、修订案或附加档，意味着它对所有与我们或相关公司合作开设的账户都有效，不管它们是主账户、子账户，不管针对哪种业务范围都有效。

8. Account Size 账户大小

8.1We reserve the right to impose a maximum account size that we are willing to allow clients to hold with us. This may be set the same for each of the account types (FX or CFDs) or differently. You may hold more funds in your account than the account limit, but you will not be permitted to utilise those funds that are in excess of the account limit for the purpose of trading.

8.2You may be notified of the account size on acceptance of your application for an account, and we reserve the right to change this amount at any time with no prior notice.

在接受您的账户申请时，您将会被通知到您的账户大小。并且在任何时候我们都有权利去修改此金额，而不需要事先通知。

8.3We will set this limit in US dollars, Euros or Sterling and this will be applied to whatever base currency that your account held.

我们将按美元、欧元或英镑设定此等限额。这可能有别于您账户中的基础货币。

8.4If for any reason your open positions exceed the size that your account size permits due to an error or other reason,we reserve the right, without the obligation, to bring your account back to within its limit by closing some or all of your open positions.

8.5Regardless of the maximum account size placed on your account, customers can lose or make substantially more than that amount.

不管您的账户开出的最高账户大小是多少，您都有可能造成比此金额更大的盈利或损失。

9. Password 密码

9.1It is imperative that you keep your password secure and confidential and under no circumstances should you divulge it to anybody. No one at WFD will ever ask you your password.

保持您的密码安全和机密非常重要，无论如何都不可以泄露给任何人。同样的，WFD没有任何人会询问您的密码。

9.2If you have chosen your password then it is your responsibility to ensure that it is unique, secure and unlikely to be guessed by anyone.

如果您已选定密码，那您就有责任确保它是独特、安全和不容易被任何人猜测到的。

9.3If you think the security of your password has been compromised, then you must inform us immediately. WFD accepts no liability for any unauthorized use of your account.

如果您认为您的密码被盗用，请务必马上通知我们。WFD没有责任接受任何未授权使用的账户。

9.4It is also important that you keep your user name / account number secure as this is used as part of our identification process.

保持您的用户名称/账户号码安全很重要，因为它也是我们确认您身份所需要的一部分。

10. Communications and Contact Detail 通讯和联系信息

10.1You undertake that you will provide us with current and up to date contact details when opening your account and keep us up to date with any changes to these details. These should include telephone numbers where you can be reached during the entire day and your current address.

10.2You also undertake to provide us with notification of any temporary change in these details for example, if you go away on holiday, in case we need to contact you for a margin call (see section on Margin).

如果您想对这些信息作任何暂时的修改，请也及时通知我们。比如您出外度假，一旦要追加保证金，我们就必须联系得上您（详见保证金条文）。

10.3If for any reason you are not going to be contactable then it is your sole responsibility to make sure you have excess funds in your account and that you have put in place procedures that will enable your account to remain in good order. If you are in any doubt about your ability to achieve this then you should close all open positions or orders.

10.4Any trades on your account must be made by you and not by a third party, unless you have given specific authorization for someone else to trade on your account via a power of attorney or trading authorization, or you have activated a trading robot. If you have facilitated someone other than you trading on your account without prior written agreement with us then you are still liable for all trades carried out on this account.

10.5All trades and orders of any description must be placed via the ITP(MT5) .Under no circumstances will we accept trades or orders via email, fax or mail or SMS text message unless you have received prior permission from WFD.

10.6We will use your name, account number and other personal data to identify you when you trade or leave an order via the ITP(MT5) . If you suspect that the security of your account number and or password has been breached then it is your responsibility to notify us immediately.

10.7If we agree, in an extreme circumstance, to accept a trade or order in a different way to those expressed above then we will not be held liable for any losses incurred as a result of an error, delay or omission.

如果我们同意，在极端情况下用不同于上述的方式来接受交易或订单，我们将不会对因此造成的错误、延误或疏忽导致的任何损失承担责任。

10.8If you discover an error on your account then must notify us immediately or in any event within three business days. This covers both incorrect and missing trades.

如果您发现您的账户有错误，必须马上通知我们，或在情况发生后3个工作日内通知我们。这包括不正确或遗漏的交易。

10.9We have the right to communicate with you via telephone, email or writing at any time to discuss or communicate any aspect of your account or our business whether relevant to you directly or not at that time.

我们有权在任何时间通过电话、邮件或书面通知联系到您，与您商讨或传达您账户方面的情况以及您可能不是很关注的业务。

11. Commissions/Charges/Tax 佣金 / 收费 / 税务

11.1WFD do not charge any commission on any trades. It makes money from the spread, which is the difference between its bid price and the offer price.

WFD 不会对任何交易收取佣金，而是从点差中获得利润，也就是买价和卖价的差额。

11.2It is your sole responsibility to assess and pay any tax liability that may occur from the results of any trades carried out by you. If you are unclear in any way about this then you should seek independent tax advice from someone authorized to do so from your tax jurisdiction. (You should seek advice from your accountant, the tax office or other relevant experts).

11.3We reserve the right to pass on any costs or charges that may arise in the future, (for example a change in stamp duty payments in the event of a change in governing regulations or the law)

我们保留转移未来可能引起的任何费用或收费的权利。（例如发生监管条例或法律的修改，导致印花税支付的转变）。

11.4We may pass on any increase in costs associated with going short on an equity (i.e. placing an opening sell trade) if our charges are increased by our brokers (i.e. margin or financing).

如果我们的经纪商增加收费（例如：保证金或隔夜利息）,我们可能会转移任何与股票空头连带的增加费用（例如开出空头交易）。

11.5We are not under any obligation to reveal any profit, interest or any other kind of remuneration made by us from any trade under any circumstances.

在任何情况下，我们没有义务显示与我们的任何交易所造成的任何盈利、利息、或其他类型的报酬。

12. Deposits/Withdrawals/Balances 存款 / 提款 / 余额

12.1You can fund your WFD account at any time on line via our website. You can use a vast array of methods which are constantly expanding, details of which can be found online. In addition to this, you can make a bank transfer directly from your bank to ours, details of which can be found on our website. Unless WFD agrees otherwise, payments can only be made from the client”s own personal bank account.

12.2You can request a payment from your account at any time. These requests are processed daily by our accounts department. All monies returned will be paid back to the source from where they originated. In the event that we are unable to do this because this would breach deposit limits applied by that financial institution, then we will have to return the funds directly to your bank account. This will be done in line with our strict anti-money laundering procedures, and may include you having to provide additional identification and proof of the bank account belonging to you.

12.3We reserve the right to pay you interest on unutilised funds held in your account, and we will inform you if we intend to do this. This will be calculated daily and paid monthly in arrears. We may also impose a minimum unutilised account balance that this will be applicable to. (At present this is not the case as we do not receive interest on client deposits held in segregated accounts.)

12.4Once funds have been deposited into your account, you can place trades utilising these funds. If you want to place an additional trade but have insufficient margin to do this, you must deposit more funds into your account first.

当资金已存入您的账户，您可以利用它来进行交易。如果您想做更多的交易但保证金不足，您必须先存入更多资金到您的账户中。

12.5We will pass on any costs associated with taking deposits from you. These may be in the form of a percentage commission charged by the debit/credit card company.

我们将会转移所有由您存款时收取的费用，这可能是由借记卡/信用卡公司以百分比佣金方式采取的收费。

12.6We will pass on any costs that may be associated with transferring money back to your bank, credit or debit card from your account when withdrawing money.

当申请取款时，我们将会转移所有从您账户支付款项到您的银行时收取的借记卡/信用卡费用。

12.7At any time you may request all unutilised funds on your account to be repaid to you. If from the time of your request to the time that we process the request the value of any open positions has moved such that you no longer have the amount requested available then we will notify you accordingly. We also reserve the right to withhold any payment if we feel that it may be required to meet future short‐ term payments.

12.8In the unlikely event that you have a negative balance on your account, which may have arisen from a market gapping (see section on Negative Balances and Gapping) you are required to clear this immediately. This should be done by debit/credit card or any other equally instant method of payment.

12.9If a negative balance goes unpaid then after a period of 7 days, we reserve the right to take any action necessary to recover the debt and charge interest during this process.

如果负数余额在 7 天后未得到支付，我们将保留采取相关行动来填补债务以及收取利息的权利。

12.10All retail client funds deposited with WFD will be held in a segregated account in accordance with the VFSC’s rules. When you place an opening trade or bet on your account(s) you will be utilizing some or all of your deposit as initial margin. This margin will still be held in the segregated account.

12.11WFD will transfer funds to and from the segregated account which it requires to maintain your open positions in the form of daily profits or losses on open positions. During this period you will have no legal claim over these funds and in the unlikely event of the firm”s insolvency you will have no rights or claims to this money if they are being used to fund open positions.

12.12Under the VFSC‘s Client Money Rules, client funds held by us will no longer be deemed client money when that money becomes“owed”to us by the closing of a trade that results in a loss.

按照瓦努阿图金融服务委员会客户款项规则，当款项成为交易平仓造成的损失而“亏欠”我们的，由我们持有的客户款项将不再被视为客户款项。

12.13WFD reserves the right to use part or all of a non-retail clients segregated funds if they are being used to fund an open trade or bet. These funds will at that time, from a legal standing, no longer be considered as client funds, will not be segregated and may be used by us in the course of our business.

12.14At no time will WFD accept or make a third party payment, unless, at its absolute discretion, it has agreed to do so in strict adherence to anti-money laundering regulations.

在任何情况下WFD都不会接受或向第三方付款，除非在绝对斟酌情况下，严谨遵守防洗钱规则同时进行。

12.15 In the event of an account being left dormant or un‐utilised for a period of 5 years WFD may start proceedings in attempt to contact the registered owner of the account. In the event of the account holders death then an attempt will be made to contact their estate or heirs. All reasonable steps will be taken, where possible, to locate the legal title holder of the account, but if after a further period of 12 months no contact has been made then WFD may close the account and will no longer consider the funds held on that account as client funds.

13.1Every market we quote, whether in FX or CFDs has a minimum trade size and a maximum trade size. These are clearly shown in our Market Information Sheets, or can be found by contacting the Dealing Desk.

14.1When any trade is placed, an initial margin requirement must be met. This is a minimum deposit that must be made to fund that position. This is also known as the Notional Trading Requirement (NTR) and is required as a form of security in case the trade starts to lose money.

进行任何交易，必须达到首次保证金要求。根据名义交易要求 (NTR)，最低头寸必须支付订金，以保险形式，以免开始交易便发生亏损。

14.2These funds must be cleared funds, paid to us via a debit/ credit card. We do not accept cheques except under exceptional circumstances, and only with prior agreement with WFD.

此资金必须是合法资金，通过借记卡/信用卡向我们支付。我们不接受支票，除了在极端情况下，并得到了WFD的事前同意。

14.3These NTRs vary immensely from product to product and can be viewed on the MIS.

商品与商品间的名义交易要求不尽相同，您可以从市场信息表中查看。

14.4For example in FX it may be as low as 1 percent of the total actual value of the trade, up to 50 per cent for an equity trade as a CFD.

比如外汇，保证金可能会低至总实体交易价值的1%。而在差价合约中，如交易股票，保证金可能会高至50%。

14.5The NTRs for all markets are published in our Market Information Sheets (MIS) on our web site.

所有产品的名义交易要求都可以在我们网站上的市场信息表（MIS）中找到。

14.6These can change according to how volatile the market conditions are at the time. If we do change an NTR and you have an open trade at the time, then we will endeavour to give you

one week”s notice of this change. However in exceptional circumstances we reserve the right to implement this change immediately, which may mean you are instantly put on a margin call or are over your account size. We will endeavour, if this situation arises, to be sympathetic with any problems that may occur.

14.7Although margin requirements are automated in our system, it is your responsibility at all times to know your positions and to monitor the state of your account, placing more funds into your account as and when is necessary. Any losses or additional losses that arise from the failure to close these positions will be your responsibility.

14.8Our MT5 platform will liquidate your positions when your equity, which is your cash plus your open profit/loss, falls below 100% of the total margin required of all your positions.

当您的净值，即现金资产与当前未平仓位的盈亏总和降至所有未平仓位所需总保证金要求的100%， MT5 平台将会对您的账户进行强制平仓。

14.9You will go onto margin call when your available funds fall below zero. This is when your cash balance plus your margin requirement plus your P+L is less than zero. It is your responsibility to monitor this, and you can help to manage this level with the use of stop loss orders (see section on Orders).

14.10We may issue you with a margin call. This will require you depositing cleared funds with us immediately. We do not accept any liability if you are or are not placed on Margin Call.

我们可能会通知您追加保证金，并要求您即时存入经清算的资金。无论您是否追加保证金，我们都不对此负责。

14.11We are entitled to request these funds to cover a margin call at any time, and you are obliged to pay cleared funds immediately to cover this. We may at our discretion close your position(s) partly or in full if your tradable funds are below zero.

14.12Margin calls can be made by telephone, voicemail, email, fax, letter or any other method deemed appropriate by WFD. It is your responsibility to ensure that we always have the correct and up to date information on file so that you may be contacted. If we are unable to reach you but have left a message notifying you of the margin call, or were unable to contact you in any capacity through no fault of ours, then you will be deemed to have been notified.

14.13Any margin call over $10,000, or equivalent, made before midday UK time must be paid before 4pm UK time that day, or if made after midday then by 4pm the next business day. Just because a margin call has been made and you are arranging payment, we may still close your position or part of it if the position moves further against you. Funds must have cleared and be in our account to be valid.

14.14WFD will not be liable for any losses incurred by you arising from your positions being closed due to a margin payment not being made in the required time or manor.

WFD 将不会对因为您没有在规定的时间内追加保证金付款导致您仓位被平仓所造成的任何损失承担责任。

14.15Margin payments can be made by debit or credit card. For amounts over $ 10,000, or equivalent, you can make a bank transfer .

保证金付款可以用借记卡或信用卡进行。金额等于或者超过$ 10，000的，可以通过银行电汇付款。

15. Trades 交易

15.1WFD will act as the principle counter party on all trades or orders undertaken between you and us.

所有您与我们合作的交易或订单，WFD原则上都会视之为合约方。

15.2All Spot or rolling Foreign Exchange trades“roll” every day to the next business day if you are holding a position at 5pm New York time, and are subject to financing. This can change due to public holidays or other events and we will endeavour to notify you of any changes via our website. Foreign Exchange futures trades are not subject to financing.

15.3All trades or orders carried out by us are done so on an execution only basis, unless a prior agreement has been reached and agreed to in writing.

除非提前达成协议和有书面同意，由我们实现的所有交易或订单将仅以执行为基础。

15.4All trades and orders initiated by you will be treated as an offer by you to deal on our quote which we can at our discretion accept or decline. Our displayed quote should not be deemed an offer by us to deal at that price.

由您发起的所有交易和订单将视为您对我们的报价的要约，但我们可以用酌情权接受或拒绝。我们显示的报价不等同于我们向您提供的价格。

15.5We are under no obligation to suggest ways for you to reduce any risk exposure you may have.

我们没有义务给您任何可能减少您风险的建议。

15.6We are not expected to, or licensed to, give specific advice on investments or make any recommendations to you. If such advice or recommendation is given, whether intentionally or not, and acted upon by you then this should be solely at your discretion and we will not be held accountable in any way.

15.7Any information given to you by us in good faith and acted upon or not by you, in the absence of fraud or negligence, will not lead to us being held accountable for any losses, or profits, made by you.

我们给您的任何信息都是真诚的，不会对您产生影响。我们不会对由此造成的任何损失或盈利负责任。

15.8All trades carried out by you are done so entirely on your own judgement, whether or not you acted on or relied upon any information given by us on the market concerned whether it be the price, or positions held. Any trades carried out by you in such a circumstance will be held binding and deemed valid.

15.9You should fully understand and make yourself aware of all financial considerations required by you before you place a trade. This includes the notional trading requirement (NTR), and the consequences of a trade moving against you.

在开出交易前，您必须完全了解和注意所有需要考虑的的资金变动。这包括名义交易要求 (NTR) 和交易走势逆向您的结果。

15.10It is your responsibility to make sure you fully understand all aspects of any trade placed by you and the laws and regulations governing it. If you are in any doubt as to any area of a trade then you should seek clarification with us before the trade is carried out.

您有责任确认已完全了解由您开出的任何交易所遵守的法律和监管规则。在实现交易前，如果您对此交易的任何方面有疑问，您必须与我们进行咨询。

15.11We are under no obligation to accept any trade from you, whether it is to open or close a position if we believe that by doing so would be illegal. In the event that a trade had been opened then we reserve the right to void the original trade.

如果我们认为有交易是不合法的，我们无义务去接受您的任何交易，不管是开出或关闭仓位。如果交易已开出，我们保持权利将原交易设为无效。

15.12We reserve the right to void, or amend any trade that may have arisen from the price being wrong due to a “manifest error” or a “force majeure” (see later sections).

我们保留对由 “明显错误”、报价延误或不可抗力因素导致错价的单子进行删除或修改的权利 ( 请查看之后的章节）。

15.13We are an internet based trading company and as such you accept that there are risks with your internet connection to our website failing and that our Internet Trading Platform could fail. In such circumstances you accept all liabilities for any trading losses that you may occur as a result of this, and you must contact WFD immediately for us to try and help. If you do experience problems then it is imperative that you contact the trading desk immediately.

15.14 When you place a trade, you deal on our price. We are your counterparty. You sell at our bid price and buy at our offer price. All orders are treated in the same way and will be triggered on our bid or offer.

当您开出交易，我们便是您的交易对手，您是使用我们的售价卖出和我们的要价买入。所有订单用相同方式处理并将会用我们的售价和要价执行。

15.15You may hold opposing positions with WFD. This means that you can be long and short the same product. You should be careful when you want to close a position that you do close a specific position rather than create a position the opposite way around. While this would mitigate your exposure, you would then have more positions open.

15.16You can close part of your position if you wish, by entering an amount on the trading ticket less than the amount you already have open.

如果您愿意，您可以关闭部分仓位，输入交易数量少于您已开立的数量。

15.17If your trade does not automatically roll because it has an expiry date, as in a futures market, then this will automatically close on your account at the prevailing closing rate. This rate may not always be determined as per the MIS, and in extreme circumstances, WFD reserve the right to add a closing spread to this price to fairly represent where we un‐hedged the position. This may typically occur in times of extreme volatility or illiquidity.

15.18In very rare circumstances WFD reserves the right to extend the expiry date of a product if the market liquidity is such that it is impossible for us to close our hedge in the market. This might be because of a market being“limit down” for example which may have a similar effect to the market being closed.

15.19WFD do reject a trade, for whatever reason, it is your sole responsibility to make sure that you are aware of what positions you have or do not have open as a consequence of this, and if necessary attempt to trade again to achieve your desired result.

16.1Rolling trades have no theoretical expiry date. They are automatically rolled by us at the close of business every day and may be subject to a financing charge (or credit) depending on what market it is. If there are insufficient funds in your account at the time the trade is rolled then WFD reserve the right not to roll the position, and it will be left to expire at the market price.

16.2All rolling trades, whether in FX or CFDs are subject to financing. These are calculated in different ways.

所有续期交易，不管是外汇或差价合约都需要收取隔夜利息，只是计算方式不同。

16.3Apart from FX, our rolling trades are usually based on the underlying market. However occasionally these prices can look significantly different from where the underlying market appears to be trading at that time because we base our prices for some of these markets on where the futures price is, adjusted by a“fair value”. This is quite normal market practice and enables us to quote some markets out of hours and also after major news events when the normal underlying market price maybe stagnant or very wide.

16.6WFD may at its sole discretion crystallise the profits or losses of any clients rolling trades. This crystallisation, known as a “bed and breakfast‟, will be done at the current mid-price at that time and will not incur any penalty charge or spread being applied.

17.1All non‐rolling trades will be treated as a“future”. That means that unless it is a“rolling future” it will expire on a specific date and time. These details can be found in our Market Information Sheets.

所有非续期交易将会被视为"期货"。意思是指除非它是“续期期货”，它将会在特定日子和时间过期。此信息可以在我们的市场信息表中找到。

18. Markets 市场

18.1WFD offers an extensive range of markets which is evolving constantly. The MIS (Market Information Sheets) will be updated online to reflect any additions or amendments to the markets that we quote or the specifications of those markets.

18.2It is important that your keep yourself up to date with the specifications of these markets as they can change.

因为它们可以修改，所以保持更新是非常重要的。

18.3None of the markets that WFD make prices in settle with physical delivery of that product. All markets are settled with cash, with either us paying you or you paying us.

WFD 没有用实物交收清算价格的产品。所有交易产品用现金清算，我们支付给您或您支付给我们。

18.4You have no legal rights over any company in the form of dividends, voting rights or ownership if you trade on an equity in the form of a CFD.

如果您用差价合约形式开出交易，您没有法定权利享有任何公司的分红权、投票权、所有权。

18.5While every effort is made to ensure that the prices that WFD publish over our ITP（MT5） are correct, occasionally the prices quoted by us may not be correct. In such cases WFD will not be held liable for any losses incurred as a result of not being able to deal at this price.

18.6In the event of something causing a disruption to a market WFD may at its absolute discretion, close a market, cancel orders or fill orders at a level that it believes in good faith to be appropriate. This may immediately put you on a margin call, meaning that you are close to being closed out because you are running out of funds.

19.1Every effort will be made to keep spreads as narrow as possible at all times while a market is open and if we are making an out of hours market.

当市场开市时并且我们报出了休市价格，在所有时间内我们致力于尽可能保持低点差。

19.2WFD reserves the right to change its spreads at any time in any market for any reason. Examples of this might be a lack of liquidity, volatile conditions or out of hours markets.

WFD有权利在任何时间于任何市场用任何理由修改点差。举例来说，这可能是因为欠缺流动性，波动大或市场休市。

19.3During this time we may change our maximum deal sizes as well.

在此时间内，我们也可能会修改最大可交易手数。

20. Orders 订单

20.1An order is a request by you, to us, to execute a trade when a certain price in a product is achieved. This may result in a new position being opened or an existing position being closed.

您提交给我们的订单达到特定价格后会被执行交易。这可能导致开出新仓位或目前的仓位被平仓。

20.2Orders fall into three key areas. These are Limits, Stops and Stop Losses.

订单有三个主要范围，也就是是限价、限损和止损。

20.3A Limit order is an order to either sell at a level higher than where the current price is or to buy at a level lower than where the current price is. If this Limit order is executed then this could either open a new trade or close an existing one.

限价订单是一种卖出比目前价格更高的水平或买入比目前价格更低的水平的订单。如果限价订单已执行，这可能是开出新仓位或被平仓。

20.4A Stop is an order to either buy at a level higher than where the current price is or to sell at a level lower than where the current price is. If a Stop order is executed then this could either open a new trade or close an existing one. Usually Stops are used to open new positions as a Stop Loss is used instead to close a position.

20.5A Stop Loss is an order which is attached to an existing trade. It is an order to either buy at a level higher than where the current price is or sell at a level lower than where the current price is Loss is executed then it will close the existing position which it is attached to.

止损是一种与现有交易相关的订单。它是一种买入比目前价格更高的水平或卖出比目前更低的水平的订单。如果止损被执行，它的仓位会被平仓。

20.6It is important to note that if you place a Stop order, rather than a Stop Loss order, so that a position you have open will be closed if a certain price level is met, then this order will still be live even if you close out the trade or position manually. So you would then need to cancel the Stop manually.

20.7Stop Loss orders are GTC (Good Till Canceled) where as Stops or Limits can be left GTC or GT (Good Till) which means you can choose when it expires.

当限损或止损可以留作GTC或GT（有效直至），意思是您可以选择何时到期。限损订单是GTC（取消前有效）。

20.8All orders will only be triggered when WFD’s price reaches, or goes through, that level. For“BUY” orders that will be when our“offer” reaches that level. For“SELL” orders that will be when our“bid” reaches that level.

当WFD价格达到或超过该水平，所有订单将会执行。“买入”订单是当我们“要价”达到该水平。“卖出”订单是当我们“售价”达到该水平。

20.9We reserve the right not to execute an order if you do not have sufficient funds in your account at the exact time it is triggered to satisfy the NTR (Notional Trading Requirement).

如果您的账户在确切时间执行时，没有足够资金满足NTR（名义交易要求），我们有权利不执行订单。

20.10All orders are filled on a“non guaranteed” basis. This means that WFD do not guarantee to fill any type of order at the exact price requested. We will always endeavour to fill orders at the requested price, where we can, or at a better level if possible. However there may be circumstances where this is not the case, where a market price“gaps” for example and we will fill you at our next available price. (See“gapping” section).

20.13On the Meta Trader 5 platform you can leave a trailing stop loss which will automatically move up or down depending on your position and if you are making money. This will only work while you are logged into the platform.

20.14We reserve the right to refuse any amendments to any type of existing order.

我们有权拒绝对任何形式的现有订单做出任何修改。

21. Gapping 跳空

21.1No market is immune to gapping. This occurs when a market price jumps (or gaps) often following a news announcement. In the case of shares, this might occur after the results or a profit warning. For other markets this may occur after some important economic news. We will endeavour to fill you at the first price available to us when this situation occurs.

21.2By its very nature the market concerned can gap up or down. This is of concern if you have an order to buy or sell on that market. For example:

在性质上，市场可以有上升跳空或下跌跳空。如果您有一个市场买入或卖出订单，应关注跳空。例如：

21.3If you were long an equity and you had a stop loss order in the system to sell your position if the market price went lower and you did not want to lose too much money, then if the market

gapped downwards then it might gap through the level of your price to a lower price which is where you would be filled. Thus you would lose more money than you were prepared to lose. In exceptional circumstances this might result in you having a negative balance on your account for which you are legally liable.

21.4You could also benefit from gapping as you might for example be short a market with a limit order in the system to take profit lower down, and buy it back. If the market gapped through your level then you would end up buying the position back at a better rate than you intended.

22.1WFD will on a daily basis usually calculate financing due on any positions that you hold overnight, unless they are futures contracts.

WFD 将会在每日交易的基础上计算客户持仓过夜头寸的隔夜利息，除非它们是期货合约。

22.2On FX this means the cost to roll your position forward from one business day to the next. As a rule FX deals two working days ahead, and we use“market rates”, where possible, to give you the best possible prices to roll your position. This is usually done on any positions held at 5pm New York time (EST) and we roll them using“Tom Next” points to the next business day.

22.3This financing can result in you paying or receiving funds depending on your position and on what currency pairs you have positions in. You are more likely to receive financing if you are long a currency with a higher interest rate than the one you are short.

取决于您的仓位与您仓位持有的货币对，隔夜利息可以导致您支付或收取利息。买入高息货币，要比您卖出高息货币收取更多利息。

22.4The financing is calculated on the actual notional value of your trade.

22.6We reserve the right to change the financing rates at any time or calculation methods at any time.

我们保留随时更改计算隔夜利息或者其计算方法的权利。

23. Dividends 股息

23.1For Equity or Indices trades when a Dividend is due we will credit or debit your account with the corresponding amount, if you are holding a position on ex‐dividend day.

对于股票或指数交易，当股息到期时，我们会记入或借贷相对金额到您的账户上，如果您在除息日持有仓位的话。

23.2If you are long an equity or index then we will credit you.

如果您持有多头股票或指数，我们会向您记入金额。

23.3If you are short an equity or index then we will debit you.

如果您持有空头股票或指数，我们会向您借贷金额。

23.4WFD may at its absolute discretion withhold or change the way in which a dividend adjustment is made.

WFD可能会以其绝对斟酌权扣留或修改股息。

24. Out of Hours Markets 休市

24.1WFD may at its absolute discretion quote a“grey market” in any market it chooses. It will base the price for that market on other relevant markets that are open using a complex algorithm. All orders will be monitored while this market is open with WFD. Check the MIS for trading times.

25.1All trades in Equities and Indices are subject to Corporate Actions.

股票和指数市场上的所有交易会受到股东或监督委员会的决议。

25.2WFD will adjust all trades that a corporate action may affect.

WFD 将会调整可能会影响到所有交易的股东或监督委员会的决议。

25.3This may be due to a share dilution, consolidation, reclassification, bonus shares being issued, or any other event that WFD, at its absolute discretion, deems appropriate.

这可能是因为 WFD 以其绝对斟酌权视为适合的股票稀释、合并、再次分类、发出分红股，或其他任何事件。

25.4This adjustment may in some instances lead to the initial trade being canceled and replaced with a new trade at a new price.

此调整可能会在部分情况下导致首次交易被取消和重新以新价格开出新交易。

25.5In the event of an outright takeover of the company, if you have a trade on we will close the position at the final agreed sale price.

如果公司彻底被收购，您做了交易的话，我们将会以最后同意的销售价格给您平仓。

25.6At no stage do you have any voting rights in the company concerned.

任何情况下您都没有任何相关公司的投票权。

26. Order Execution Policy 订单执行政策

26.1General 概要

26.1.1WFD is regulated by the VFSC and as such must follow an execution policy. This policy is applicable to all trades and orders placed and executed with WFD.

WFD 受瓦努阿图金融服务委员会监管机构监管，因此必须执行政策。此政策适用于与 WFD 合作开立的所有交易和订单。

26.1.2WFD Execution Policy forms part of our Client Agreement and as such, by agreeing to these Client Agreement , you are agreeing to the terms of our Order Execution Policy. This policy applies equally to orders and trades for both Retail and Professional Customers.

26.1.3WFD provides margin trading services in Foreign Exchange and CFDs. It is WFD decision as to what markets to offer its clients and it does so not as a broker but as a principle and counterparty to each trade. As such, every market offered by WFD is quoted as a derivative of the underlying market and we are the only execution venue to which you have access through us.

26.1.4WFD facilitates financial dealing via a number of online trading terminals depending on which markets you wish to trade. In exceptional circumstances, for example if there is an IT breakdown then telephone trading is accepted.

根据您期望交易的市场，WFD会通过多个在线交易终端系统协助您完成交易。在意外的情况下，如发生技术故障，WFD是可以接受电话交易的。

26.1.5WFD offers a 24 hour service five days a week. Not all markets will be open or tradable during this time and all relevant information on this subject is available on our Market Information Sheets (MIS).

26.1.6WFD may at its discretion hedge some or all of a client”s position in the underlying market. WFD at no time owes a fiduciary duty to the client as an agent or broker other than its normal obligations governed by financial regulations.

26.1.7While every effort is made to ensure that WFD prices are the best available to its clients, there are no guarantees that you might not be able to get a better price elsewhere.

WFD致力于向客户提供最佳的价格，但不保证您可能在其他交易商那里取得更佳的价格。

26.2Factors 因素

26.2.1The execution policy put in place by WFD monitors several factors that ultimately affect this policy. These most important of which we believe are:

WFD正在实施的执行政策受到这些因素的影响，其中我们认为最重要的有：

26.2.2Price: WFD takes the underlying market price of the derivative it is quoting and then applies an algorithm to this price to achieve its own market price. The underlying feed that WFD uses may be from one source or exchange or in the case of FX from several feeds.

价格：WFD采用基础市场价格的衍生工具报价，并应用运算法则到此价格上以得到自己的市场价格。

WFD的基础报价来源于一个或多个交易所的外汇报价。

26.2.3Where several feeds are used the best bid and offer combinations are used to maintain tight spreads at all times.

当多个报价被采用后，在任何时间内，我们都会提供最佳的买卖价格来维持低点差。

26.2.4Costs: Our market price will often be different to the underlying as it may also include commissions, financing and, in the case of equities, dividends.

费用：我们的市场价格会经常与基础市场价格不同，因为它可能包括佣金和隔夜利息，以及交易股票时产生的股息。

26.2.5Liquidity: The price made by WFD, unlike the underlying market, is usually good in up to a certain size. In order to maintain this additional liquidity to the market WFD may apply a different spread to the price than the underlying market has.

26.2.6Speed of execution: In order to facilitate the speed of execution WFD have imposed a maximum deal size on every market, viewable in the MIS. This limit is regularly monitored and takes into consideration many factors including liquidity and volatility to determine an amount that we are confident to accept without referral to speed up execution.

26.3.1An order will be triggered on our price. This means that a“buy” order will be triggered when our“offer” price gets to that level and a“sell” order will be triggered when our“bid” price gets to that level.

您的订单将以我们的价格成交。意思是指，当我们的“要价”到达该水平，“买入”订单会执行；当我们的“售价”到达该水平，“卖出” 订单会执行。

26.3.2All orders will be filled at their requested levels wherever possible or better. There are, in certain instances, situations where this is not possible. If a market“gaps” through the requested price level of an order then WFD will fill your order at the next available price, or better. (See section on gapping).

26.3.3If an order is triggered (or several similar orders) and is for an amount larger than our normal maximum trade size (viewable on the MIS) then this may result in the order(s) being filled at a worse level due to liquidity issues.

26.3.5If we quote a“grey market” in a market that there is an order in then this will be triggered if our price gets to that level even if the underlying market is closed.

如果我们在一个市场中报出“灰色市场”，如果我们的价格达到了该水平但基础市场休市，这样是会出现一个订单的。

26.3.6Orders may be left GTC (Good till canceled... by the client) or GT (Good till ... a time specified by the client).

订单可能会留作GTC（有效直至...由客户取消）或GT（有效直至...客户定下时间）。

26.4Other 其他

26.4.1While the above four factors are considered by WFD to be the most important in our best execution policy, there are many other situations which can arise leading to price variations.

上面四个因素，是在我们最佳执行政策中被WFD认为最重要的，在以下其他环境下也可能导致价格变化。

26.4.2Some markets which are quoted by WFD are done so outside of normal market hours, and as such are known as“grey markets”. In these situations while every effort is made to keep prices and spreads consistent, this may not always be possible during particular volatile periods or during periods of illiquidity in corresponding markets.

26.4.3While WFD does not charge commission to any of its clients for FX or CFDs, there may be situations, through third party introductions or through partnership deals with affiliated companies that a commission or other income generated from your trade is shared with third parties. In such circumstances this will be made abundantly clear to the client by the party concerned and this information is available on request.

26.4.4In some circumstances a client introduced to us by a third party may pay wider spreads than our direct clients and or a commission. This is a matter for the client and the third party, and WFD does not benefit from this arrangement. WFD will always make available to any client the details of such an arrangement if so required.

26.4.5We will at our discretion work an order for you in the“underlying market” if there is likelihood that we may be unable to complete the order in the normal course of our business. In such a circumstance, if we agree to do this,then when WFD have been filled in the market place we will then fill your order at the corresponding price in our market.

26.4.6We may amalgamate your orders with those of other clients. If we do this we will endeavour to make sure that this is not done so as to disadvantage you in any way.

我们可能合并你的订单与其他客户。如果我们这样处理 , 会致力确保你不会在任何方面亏损。

26.4.7We constantly monitor our order execution policy to make sure that we provide you with the best service possible, and make any changes that we deem necessary to provide this level of service.

我们正在监控我们订单执行政策 , 尽可能确保我们向你提供最佳服务和作任何修改我们认为有需要为此服务提供的。

27. Manifest Error 明显错误

27.1A manifest error can occur when a wrong price has been dealt on. This can be due to human error in the form of a misquote, a computer fault, or a latent price caused by a slow internet feed.

交易以一个错误的价格被处理后，接下来可能会发生明显错误。它可能是由以下人为失误造成的，如错误报价、电脑故障或缓慢 网络报价导致的延迟。

27.2WFD may at its absolute discretion cancel, or amend, a trade or change the price that a trade has been dealt at if it believes that a manifest or palpable error has occurred.

只要我们认为发生了明显或易察觉的错误，WFD会行使绝对斟酌权取消或修改一个交易，甚至修改已被处理的交易价格。

27.3If WFD does change a price from the one dealt at, then it will do so to a fair price which represents where the price should have been at the time of the deal.

如果WFD修改某个交易的价格，将会用平价进行处理，以表示这是在当时必定出现的价格。

28. Force Majeure 不可抗力

28.1A Force Majeure covers many areas of unforeseen events such as an act of God, like earthquakes and flooding to war, sabotage, IT or communications failure or a complete lack of market liquidity. This may include an equity becoming un‐borrowable.

28.2If such an event occurs, WFD will decide if this constitutes a Force Majeure event and if so will no longer be bound by this agreement or be held liable to any of the consequences that this may have.

28.3WFD will at all times undertake to provide its customers with the best possible service and prices during the time that a Force Majeure is in effect.

当不可抗力生效时，WFD 将会尽可能地在任何时间内承诺向客户提供最佳服务和价格。

29. Authorised Persons 授权人士

29.1You as the account holder are the only person authorised to trade on your account.

您作为账户持有人，是唯一有权利交易您账户的人。

29.2If you wish a third party to be able to trade on your account then you must request that an“authorised dealer” be added to your account via mail or email. This will allow someone else to trade on your account without having the full“power of attorney” powers of control.

30.1WFD accepts no liability for any computer virus or other malicious software that you may encounter through accessing our website or online trading applications.

您访问我们公司网站或在线交易平台时，可能会接触到电脑病毒或其他恶意软件，对此WFD将不承担任何责任。

30.2WFD may, at its absolute discretion, close its Internet Trading Platform and website, without any prior notice. WFD will not be held liable for any losses that may occur due to this situation.

WFD 能够行使绝对斟酌权，关闭交易平台和网站，而无需作出任何的事前通知。WFD 将不会对此情况可能导致的任何损失承担责任。

30.3The live prices published on our ITP（MT5） are for your sole use and should not be redistributed in any way or for any reason.

由我们在线交易平台（MT5）公布的实时价格属于您个人所有，绝不可以通过其他任何用途或原因泄露出去。

31. Third Party Providers 第三方供应商

31.1WFD uses third party providers in various aspects of its business operations. At no stage do we accept any liability for any information that they provide us or that is published on our website via their application, or on any mobile application.

31.2We accept no liability over any losses made by you relying on any information that either we or a third party provides.

我们不会对任何您由我们提供或第三方提供的信息所造成损失承担责任。

32. Intellectual Property 知识产权

32.1The intellectual property rights of all websites controlled by EXO CAPITAL CO., LTDWALLSTREND HOLDING GROUP CO., LTD (WFD) and all of its subsidiaries in its own name and those of its trading names remains the property of WFD.

所有相关网站和使用自有名称以及商业名称的附属公司，其知识产权由WFD享有。

32.2The above includes all trademarks, charts, databases, adverts, prices, market information, product information, website design, logos and all other areas of the website. Nothing may be copied, reproduced or disseminated in any way without prior consent from WFD.

32.3Third party vendors or software providers shown or linked to our website also own the intellectual property rights to their products. WFD does not accept any liability in a capacity for any loss or misrepresentation that may occur from using or relying upon these third parties.

在我们网站上显示或链接的第三方供应商或软件制造商，持有他们商品的知识产权。WFD不会对使用或信任此第三方商品造成的任何损失或错误承担责任。

33. Negative Balances 负余额

33.1WFD will absorb and write off any negative cash balances that may have arisen from trading FX, where the market has gapped. This offer is strictly limited to FX markets only and is only applicable during normal market conditions, and does not cover movements in markets generated from news events, acts of terrorism, central bank statements or acts of God. This offer is subject to change without notice and has only been offered as a marketing initiative.

33.2In the unlikely event that you end up with a negative cash balance this should be paid immediately to WFD via a credit/ debit card or bank transfer. Failure to do so could result in legal proceedings and interest being charged on the debt at 4% above the prevailing interest rate at the time.

34.1You undertake not to trade with WFD, if to do so would contravene market abuse rules.

如果会违反滥用市场规则，您将不可以与WFD 进行交易。

34.2You should not trade an equity if you are involved in any activity to do with that company which may affect its price. For example if you are connected with the merger or takeover of that or by that company.

如果您参与了可能会影响价格的任何公司活动，您将不能交易股票。例如您与公司合并或收购有关连。

34.3You should not buy or increase your position in a company if to do so would exceed your declarable interest in that company under the law at that time.

在公司您不能买入或者增加仓位，如果这样做，按照现时法律，这不属于您公司的合法收益范围。

34.4You understand that WFD may hedge some or all of any trades that you do and as such your trades can have a material effect on the actual market price.

您应该了解WFD可能会对冲您的部分或全部交易。一般在您的交易将会在当前市场上的对价格产生重大的影响的情况下。

34.5You understand that any trades that you place will be subject to judicial regulation and in particular dealing in equities will be covered by the Criminal Justice Act.

您应该了解您进行的任何交易，都会受到司法监管。特别是那些受刑事司法法规约束的股票交易。

35. Money Laundering 反洗钱

35.1We fully support the VFSC, the Police and all International Governments and Agencies in their fight against Money Laundering and have procedures in place to combat all areas of this activity. We will not tolerate any attempts to launder money or what may appear to be laundering money and we reserve the right to reject or refuse any payment or payment request if we have any suspicions about the legality of the transaction, even if it is legitimate.

36.1WFD is legally required to take all steps that it reasonably can to identify any conflicts of interests that may occur between itself, its employees, its clients and any associated third parties or affiliates.

按法律规定，WFD能采取一切步骤，来合理确定任何可能发生在其本身、雇员、客户和相关第三方与附属机构之间的利益冲突。

36.2If WFD does identify any such conflict of interest, it will then manage that situation so as to prevent its abuse.

如果 WFD确认了利益冲突，将会进行管理以防止它再次发生。

36.3Above all, the interests of the clients are paramount. Every effort will be made to ensure that all clients and their business transactions are treated fairly and professionally.

在上述情况中，客户利益最为重要。我们将努力保证公平、专业 地对待所有客户和他们的交易。

36.4In the event of a potential conflict where more than one customer has an order in the same market then these will be filled on a first come first served basis.

如果在同一个市场上，有超过一位以上的客户订单发生了潜在冲突，我们将按照先到先得的原则给予成交。

36.5WFD, its employees or any third party associates should not benefit directly from any conflict of interest, apart from in its normal business.

WFD的员工或任何相关第三方决不允许在正常业务以外的任何利益冲突上直接受惠。

36.6You accept that while every effort will be made to ensure no abuse occurs, there will be times where a conflict of interest occurs.

当利益冲突发生时，您应致力于确保让它不再发生。

36.7Our compliance department will review our procedures to prevent conflicts of interest on a regular basis.

我们的合规部门将会评估我们的程序，以防止经常发生利益冲突。

36.8Staff at WFD may on occasion accept small gifts or hospitality from third parties associated with the day to day running of the business. At no time will this affect or impair their duty to act in the best interests of our clients.

WFD员工在工作日有时可能会接受相关第三方的小礼物或款待。任何时候这都不会影响或削弱我们对客户提供最优质的服务。

37. TCF (Treating Customers Fairly) TCF（公平对待客户）

37.1We are committed to providing the best service we can to our clients. As part of this process we continually monitor our procedures and the way in which we do business in order that we meet the highest standards expected of us .

我们致力于为客户提供最好的服务。在这个过程中，我们不断监管我们在交易过程中的程序和方式，以实现我们预期的最高标准。

37.2We ensure all staff have the highest levels of training and product knowledge at all times.

我们确保工作人员在任何时候都精通交易和产品知识。

37.3We ensure that clients are made aware of the risks associated with their trading activity.

我们确保客户知道他们的交易活动存在风险。

37.4We provide products that are clearly defined and easy to understand and trade.

38.2By accepting these terms of business you understand that you will be providing us with personal information that we will use to open, administer and maintain your account with us.

接受这些商业条款，您应该了解到您的个人信息会被提供给我们，我们会和您开设、管理和维护账户。

38.3We undertake not to sell or pass on your personal information to any third parties except to those that we need to in relation to the normal operation of our business. These include credit card processing and verification centers, law enforcement agencies, any financial or other regulators, our auditors and your compliance officer (if you are, or your firm is, VFSC regulated) and introducing brokers that we may have a business agreement with.

38.4However we may pass your information on to other companies within our group that we feel may be able to provide a service to you.

但是，我们或许会将您的信息传递给集团内部的其他能够为您服务的一些附属公司。

38.5We may provide personal details to other margin trading firms who are seeking a reference, however this would not include details of any open positions.

我们或许会将您的信息提供给那些寻求参考的保证金交易公司，但这不包括任何开仓头寸的细节。

38.6We obtain most of the information about our clients directly from them, but we reserve the right to obtain information from other sources such as credit reference agencies, the Electoral Register, or fraud prevention agencies.

我们从客户那里直接获得绝大多数的信息，但也有权从其他来源,比如信贷资料服务机构、选民登记册，或欺诈防范机构获得信息。

38.7We may use the information we have to help us provide a better service or new products to you and our other clients.

当必须提供更好的服务或新产品给您或者其他客户的时候，我们或许会使用这些信息。

38.8All staff at WFD are fully trained in the confidentiality of handling personal information.

WFD 的所有工作人员都会受到充分的培训，以确保客户个人信息的保密性。

38.9All personal information held by us is done so in secure computer based storage facilities wherever possible. Otherwise we hold the information in secure paper‐based files. No unauthorised persons are able to gain access to these storage facilities.

我们持有的所有个人信息将会尽可能地安全存放在电脑设施上。否则，我们会持有安全的纸质文件。任何未经授权人都不能访问这些存储设施。

38.10Our website may install cookies on your computer so that we can better serve your requirements by knowing what areas of our website you have been looking at and speeding your navigation. You have the option of turning this function off via your computer settings if you wish, although this may affect your ability to view other parts of the website.

38.11While we make every effort to ensure all the information we hold is correct and up to date, it is your responsibility to furnish us with any changes in your personal information.

我们尽力维持您所有的信息都是正确的、最新的，因此您有义务即时提供您个人信息的最新变化。

38.12You have the right under Data Protection Act of 1998 to request a copy of the information that we hold about you so that you may advise us of any inaccuracies. To do so you must write to us requesting this information and providing verification of your identity.

39.1WFD may at its absolute discretion close an account at any time for any reason. In the interests of treating customers fairly this would normally be for a specific reason, but is not limited to such, and we are not obliged to give a reason. Examples of situations where this might occur are:

39.1.3WFD has reasonable grounds to believe that you are involved in some form of market abuse.

WFD有充分的理由相信，您参与了某种形式的市场滥用行为。

39.1.4You owe us money.

您欠我们的钱。

39.1.5The trading activity on your account is not suited to WFD.

您账户的交易活动不适合 WFD。

39.1.6If WFD discovers that your account trading activity breaches any compliance or regulatory rules in the Vanuatu or overseas.

如果 WFD 发现了您账户的交易活动违反了瓦努阿图或海外的任何规定与监管规则。

39.2If we decide to close your account, while you have open positions, then you will not be entitled to open any new positions, but you will be able to close any positions that remain open in the normal manner.

如果我们决定关闭您的账户，即使您有开仓头寸，您也无权建立任何仓位，但您可以用正常方式关闭任何仓位。

40. Complaints Procedures 投诉手续

40.1WFD endeavours to offer its customers the highest standards of service in all aspects of its business, however there may be elements of our service that do not meet your satisfaction. The Compliance Officer will record any customer complaints or expressions of dissatisfaction in the firm”s Complaints Register.

WFD在业务的各个方面为客户提供最高标准的服务，虽然这有可能会让您不满意。客服人员将会把客户的任何投诉和不满意见记录在公司投诉登记处。

40.2You should raise any query that you have as soon as possible or in any event within 3 days of its discovery. We reserve the right not to entertain any queries brought to our attention after that time.

您应该在事件发生前的 3 天内尽快提出查询要求，但即使这些查询吸引了我们的注意力，我们也有权利不受理任何查询。

40.3In the first instance, you should try to resolve your dissatisfaction or grievance with your normal WFD contact or email.

首先，您应该尝试与WFD正常接触或使用电子邮件来尝试解决您的投诉。

40.4If that person is unable to resolve your dispute to your satisfaction, you should direct your complaint or grievance either verbally or in writing to the WFD Compliance Officer.

如果工作人员无法解决争议、让您满意，您可以直接以口头或书面形式联系WFD客服进行投诉或申诉。

40.5WFD will send a written acknowledgement of your complaint to you within five business days of receipt.

WFD将会给您发送关于投诉的书面确认，五个工作日可以收到。

40.6Within four weeks of receiving a complaint, WFD will send you either:a final response letter; or a written response, explaining why it is not currently possible to resolve the complaint and indicating to you when the firm will make further contact (This should be within eight weeks of your complaint).

40.7If the complaint remains unresolved longer than eight weeks from receipt of your complaint, WFD will either send you:a final response or a written explanation why the firm is still unable to make a final response to you. It shall provide you with reasons for the delay and an indication when it expects to be able to provide you with a final response.

41.1At WFD we want you to trade successfully, but we are fully aware that this does not always happen, and we actively encourage responsible trading. In those situations it is important that you are responsible in your actions to make sure you do not lose more money than you can afford to.

41.2You should only ever speculate with money you can afford to lose and it is imperative that you have read and understood our Risk Warning notice.

您应该只投入您能负担得起的资金，而且很有必要阅读了解我们的风险警告声明。

41.3We do not recommend borrowing money, spending more than you can afford or using money set aside for other purposes for trading.

我们不推荐借钱、超额支出，或者将资金用在交易之外的其他用途上。

附录

1.Scalping 剥头皮交易

1.1Definition 定义

1.1.1Scalping can apply to any online quoted financial market. Traditionally it primarily refers to the Foreign Exchange market due to its size, liquidity and tight spreads.

剥头皮适用于任何网上报价的金融市场。传统上，它主要是指外汇市场，因为外汇市场的规模、资金流动性和低点差。

1.1.2It is when a trader, often using high leverage, attempts to take advantage of a price discrepancy or anomaly in market in an extremely short period of time, typically a few seconds.

通常，剥头皮那些经常运用高杠杆，并试图在极短的时间内，比如几秒钟，利用市场价格差异或异常优势来获取利润的投资者所采用的一种手段。

1.1.3Often this price anomaly may be caused by latent prices which is where, due to the complexity of transmitting prices online around the world, delays in updates occur, which although small, can still be exploited.

1.2.1WFD provides fixed spreads and liquidity to its customers, where possible. It does this to help them trade involatile global financial markets by giving them greater stability of pricing. It does not do this so that people can abuse this to their own ends. We will therefore invoke our Manifest Error rule for anyone we deem to have been dealing on latent prices and abusing the fixed spreads that we provide. This may result in some or all of those trades being canceled or amended.

1.2.2WFD reserves the right at any point to change a client”s underlying liquidity feed to another, at its sole discretion,in order to protect itself against abuse of all kinds.

为免受滥用价格的破坏，WFD保留在任何时候改变客户基本流量提供商类别的审慎权利。

2.Expert Advisors (EA’s) and Indicators Disclaimer

智能交易系统与免责声明

2.1It is accepted by the end user (the client of WFD) that they take sole responsibility for any third party applications that they may install either directly or indirectly on their Meta Trader platform, and also the use of any software provided on MT4 when downloaded.

2.2These may include robotic trading tools, known as Expert Advisors, which can be set up to automatically trade on a client”s account or indicators which allegedly show beneficial times to trade.

这其中可能会包括自动交易工具，被设置成自动为账户进行交易，或提供明确的有利交易时间，也就是所谓的智能交易系统。

2.3It is the clients sole responsibility to do due diligence on the respective software and then decide if they are willing to take the risk of installing and using it on their account(s) with WFD.

对各自的软件做尽职调查是客户自己的责任。如果愿意承担在 WFD 账户中安装使用智能交易系统的风险，客户完全可以决定这么做。

2.4WFD is not responsible in any capacity for decisions, trades or signals generated by the use of

“EA”s or indicators or the client”s use of them or with for the resulting profits or losses generated by them.

WFD不对任何客户通过使用EA、指标所造成的亏损或盈利负责。

2.5Some“EA”s may generate a high number of trades and at times leverage a client to their maximum possible exposure to a market given their available funds. It is the client”s sole responsibility to monitor these trades and/or orders and the profit and loss generated by them, as it is at all times on their account.

一些EA可能会导致大量的交易，会对他们的可用资金造成最大程度上的风险。监控交易订单所产生的账户盈利和亏损，是客户自己的责任。

2.6WFD at all times reserves the rights to disable the use of “EA”s from a client”s account.

WFD在任何时候都保持对所有客户账户不使用EA的权利。

Risk Warning风险警告

1. Foreign Exchange and Contracts for Difference with WALLSTREND HOLDING GROUP CO., LTD(hereafter referred as “WFD”) are both margin traded products. Therefore they inherently carry a high level of risk compared to other investments, and as such you could rapidly lose more than your initial deposit. They are all legally enforceable under the Financial Services and Markets Act 2000.

2.Margined trades are trades on the price movement of a product. They settle based on the difference between the opening price and the closing price of the trade.

保证金交易是通过商品的价格波动进行交易，利用交易的开市价和收市价之间的额度差额进行结算。

3.You should not trade any margined product unless you fully understand all the risks involved with doing so and that you have sufficient resources available to you that in the event, however unlikely you may deem it to be, that there is an adverse movement in the price of that product that you can meet the financial obligations required by you with respect to margin payments and losses.

4.Margin trading is leveraged trading that allows“gearing” which means that you can place a large trade by only putting up a small amount of money as margin. If the price moves in your favour you can greatly increase your profits. However even a small movement in price against you can lead to substantial losses and you may be required to deposit additional margin with us immediately to keep these trades open. You are liable for this and for any losses that may occur if your positions are closed. The potential losses, or profits, for margin traded products are, or could be, unlimited and this should always be considered by you when making trading decisions.

5.Not all trades can be opened or closed 24 hours a day.Many are subject to strict opening and closing times which can fluctuate. These are posted on our Market Information Sheets (MIS) which are available online and which we endeavour to keep up to date, without any obligation or liability on us to do so, or for its accuracy. For example national holidays and Daylight savings changes will affect the times when you can trade. Also a market may be suspended for a variety of reasons and during this time you will not usually be able to trade.You should be aware that this may cause the markets to open at a significantly different price from where they closed.

6.You are placing trades on the prices we provided..Depending on the market, our prices will usually be based on an exchange price but can fluctuate away from the underlying prices due to a variety of reasons. All open trades can only be closed and settled with us.

7.Before you begin to trade, you should ensure that you understand all commissions and other charges for which you will be liable. All costs and charges have been disclosed to you separately.

在您开始交易之前, 请确保您了解所有的佣金和其它您将承担责任的费用。所有成本和费用都已另行向您披露。

8.Forex and derivative products are exposed to “exchange risk”. Exchange risk also known as “currency risk” is the risk of loss (or gain) from unforeseen changes in exchange rates (the prices at which currencies trade for each other). There is a risk that you will have to close out a long or short position in a foreign currency at a loss due to an adverse movement in exchange rates. It can also be described as the uncertainty of returns where you purchase securities in a currency different to your domestic currency.

9.WFD will hold unutilised retail customer funds in a segregated bank account. We reserve the right to utilise some or all of those funds up to the level that the client is using to fund open positions. However even in a segregated account you may not be afforded complete protection. All individual client funds are subject to the Rules of the Vanuatu Financial Services Commission (VFSC).

10.You carry out your trading activities on an execution only basis. This means that we will not provide you with investment advice relating to investments or possible transactions in investments. We are permitted to provide factual market information and information about transaction procedures, potential risks involved and how those risks may be minimised, but any decision made to trade must be yours.

11.There are risks associated with using an internet based trading system including, but not limited to, the failure of hardware, software, and internet connection. WFD is not responsible for communication failures or delays when trading via the internet. WFD employs back-up systems and contingency plans to minimise the possibility of system failure.

12.WFD has taken reasonable measures to ensure the accuracy of the information on the website. The content on this website is subject to change at any time without notice. Any opinions, news, research, analyses, prices, or other information contained on this website are provided as general market commentary, and do not constitute investment advice.

Margin Trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs, and level of experience before entering into CFD trading. CFDs are highly leveraged investment instruments and considered high risk. Retail and wholesale investors should only trade in these products if they fully understand the nature and risks and can afford losses without adversely affecting their life style. You may sustain losses of the money you initially deposited. Before trading you should be aware of all the risks associated with the products on offer and read, understand, and agree to the Account Agreement《Risk Disclosure Statement》 .For any questions or to obtain a copy of any documents, contact us.